Notice Concerning Completion of Asset Acquisition

April 20, 2016 For Immediate Release Real Estate Investment Trust Securities Issuer Star Asia Investment Corporation Representative: Atsushi Kato, Executive Director (Code: 3468) Asset Management Company Star Asia Investment Management Co., Ltd. Representative: Atsushi Kato President and CEO Contact: Toru Sugihara Director and CFO TEL: 03-5425-1340

Star Asia Investment Corporation (“SAR”) announces that it today completed acquisition of the following 7 properties (the “Acquired Assets”) as stated in the securities registration statement submitted on March 16, 2016, as described below.

1. Overview of acquisition Prope rty Acquisition price Type no. Property name Location (mn yen) (Note 2) (Note 1 ) Office OFC-04 Nishi-Shinjuku Matsuya Shibuya-ku, Tokyo 1,763 Building Office OFC-05 Alphabet Seven Minato-ku, Tokyo 1,725 Office OFC-06 Shibuya MK Building Shibuya-ku, Tokyo 2,042 Office OFC-07 Hakata-eki Higashi 113 Hakata-ku, Fukuoka-shi, 1,885 Building Fukuoka Office OFC-08 Asahi Building Kanagawa-ku, Yokohama- 6,320 shi, Kanagawa Residential RSC-04 Urban Park Shin-Yokohama Kohoku-ku, Yokohama- 2,528 property shi, Kanagawa Residential RSC-05 Urban Park Namba Naniwa-ku, Osaka-shi, 1,490 property Osaka Total (7 properties) 17,753 (Note 1) Please refer to “2. Description of Acquired Assets” below, for “Property no.” (Note 2) ”Acquisition price” indicates the sale and purchase price stated in the sale and purchase agreement for the acquired asset, rounded to the nearest million yen. The sale and purchase price does not include consumption tax, local consumption tax and various expenses required for the acquisition.

(1) Contract date : Please refer to “2. Description of Acquired Assets” below. (2) Acquisition date : April 20, 2016 (delivery and settlement date) (3) Sellers : Please refer to “3. Seller profile” later in this document. (4) Acquisition financing : Proceeds from the issuance of new investment units for which resolution was made at the Board of Directors meeting of SAR held on March 16, 2016, April 1, 2016 and April 11, 2016 (5) Settlement method :Payment of entire amount on acquisition date

2. Description of Acquired Assets Overview of Acquired Assets is shown in the tables (1)-(7) below. A glossary of the terms used in the tables is

Disclaimer: This document is an English translation of a press release for public announcement concerning completion of asset acquisition by Star Asia Investment Corporation, and has not been prepared for the purpose of solicitation of investment. 1

provided below. a. Explanation on “Property no.” and “Type” The Acquired Assets are categorized into office building (OFC), retail property (RTL), residential property (RSC), logistics property (LGC) and hotel (HTL) in accordance with its use and indicated as such in “Type.” “Property no.” is the number given to each property by category. When a property is a mixed-use facility with multiple uses, it is categorized into the use for which the property’s total assumed rent revenue by use is the greatest. b. Explanation on “Overview of specified asset” ・ “Acquisition price” is the sale and purchase price stated in the sale and purchase agreement for the Acquired Asset (excluding consumption tax, local consumption tax and various expenses required for the acquisition), rounded to the nearest million yen. ・ “Date of conclusion of sales and purchase agreement” is the date on which SAR concluded the sale and purchase agreement. ・ “Location” is the lot number stated in the real estate registry. “Indication of residential address” is the indication of residential address. In cases where there is no indication of residential address, it is the building location in the real estate registry (if several, then one of the locations). ・ Explanation on “Land” (i) “Type of ownership” is the type of right held by the trustee of the Acquired Asset. (ii) “Site area” is the land area stated in the real estate registry and may differ from the present state. (iii) “Use district” is the type of use district listed in Article 8, Paragraph 1, Item 1 of the City Planning Act. (iv) “Building coverage ratio” and “Floor area ratio” are the figures provided in accordance with related laws and regulations, such as the Building Standards Act and the City Planning Act. ・ Explanation on “Building" (i) “Type of ownership” is the type of right held by the trustee of the Acquired Asset. (ii) “Total floor area” is the total floor area stated in the real estate registry and may differ from the present state. (iii) “Use” is the major type of building out of types stated in the real estate registry and may differ from the present state. (iv) “Construction completion” is the date of new construction stated in the real estate registry for the main building. (v) “Structure and floors” is the structure stated in the real estate registry for the main building and may differ from the present state. ・ “Property Management company” is the property management company which is entrusted with property management. ・ “Master lease company” is the master lease company which is entrusted with master leasing. c. Explanation on “Status of leasing” ・ “Total leasable area” is the total floor area of the portions of buildings of each Acquired Asset which are regarded as being available for leasing (including the area of co-owned portions, etc. if such is leased) and does not include parking or the leasable area of land for other use. Since Total leasable area is not the area stated in the real estate registry but the area calculated on the area stated in the lease agreement or building drawing, etc., thus is not necessarily the same as the total floor area in the real estate registry. The figures are based on the information as of the end of November 2015, which was provided by the previous owners of the Acquired Assets. ・ “Total leased area” is the leased floor area indicated in the lease agreement for each Acquired Asset as of the end of November 2015, out of the leasable area, and does not include parking or the leased area of land for other use. The figures are based on the information as of the end of November 2015,

which was provided by the previous owners of the Acquired Assets. ・ “Occupancy rate” is the ratio of the total leased area to total leasable area for each Acquired Asset, rounded to the first decimal place. The figures are based on the information as of the end of November 2015, which was provided by the previous owners of the Acquired Assets. ・ “Total number of tenants” is the total number of tenants stated in the lease agreement for each Acquired Asset as of the end of November 2015. If one tenant is leasing more than one rent space, the said tenant shall be counted as one in the case where the rented spaces are in the same Acquired Asset, but will be counted as separate tenants and the sum total is indicated in the case where the rented spaces cover more than one Acquired Asset. Furthermore, in cases where a pass-through type master lease agreement has been concluded for the concerned Acquired Asset, the total number of end tenants is stated. ・ “Monthly rent (including common area maintenance fee) is the total of monthly rents (including common area maintenance fee, excluding use fees for warehouses, signboards, parking lots, etc.; any free rent as of the end of November 2015 shall not be considered) indicated in the lease agreements concluded with tenants which are effective as of the end of November 2015. ・ “Security and guarantee deposits” is the sum total amount of tenant security and guarantee deposits required based on the lease agreement for the Acquired Asset as of the end of November 2015 (limited to those occupied as of the said date). For the Acquired Assets, it is the sum total amount of tenant security and guarantee deposits based on lease agreements concluded with end-tenants in cases where a master lease agreement has been concluded. d. Explanation on “Special notations” “Special notations” is concerning matters considered important in rights, use, etc. of the each Acquired Asset, as well as matters considered important in consideration of the degree of impact on valuation, profitability and disposability of the each Acquired Asset. e. Explanation on “Summary of real estate appraisal report ・ “Summary of real estate appraisal report” is based on the real estate appraisal report prepared by Daiwa Real Estate Appraisal Co., Ltd. and Japan Real Estate Institute for each Acquired Asset. ・ ”Appraisal value” is only an opinion regarding the price of the subject real estate on the date of value provided by the real estate appraiser and such who made the appraisal pursuant to the Act on Real Estate Appraisal (Act No. 152 of 1963, as amended), the Real Estate Appraisal Standards, etc. ・ Even if the same real estate is reappraised, the appraisal value may be indicated differently depending on the real estate appraiser, the method of appraisal or the timing. In addition, the concerned real estate appraisal does not guarantee or assure the possibility of transaction at the appraised valued at present or in the future. ・ There is no special vested interest between Daiwa Real Estate Appraisal Co., Ltd. or Japan Real Estate Institute, which performed the real estate appraisal, and SAR or the Asset Manager. f. Explanation on “Property information and acquisition highlight based on the survey by the Asset Manager” In “Property information and acquisition highlight based on the survey by the Asset Manager,” the Asset Manager describes basic nature, features, etc. of the property referencing the appraisal report and also considering the result of survey it has conducted on its own, as well as the background to the acquisition (for properties acquired from the Star Asia Group, the background to the acquisition by the Star Asia Group; and for properties acquired with sales information which the Asset Manager obtained on its own, the background to the said acquisition). g. Explanation on “Comprehensive evaluation by SAR” “Comprehensive evaluation by SAR” is SAR’s own evaluation. (1) OFC-04 Nishi-Shinjuku Matsuya Building

Nishi -Shinjuku Matsuya Property no. OFC-04 Property name Type Office Building Overview of specified asset Beneficiary interest in Type of specified asset Trustee Mizuho Trust & Banking Co., Ltd. trust Date of conclusion of Acquisition price 1,763 million yen sale and purchase March 11, 2016 agreement Appraisal value 2,120 million yen Seller GK Hobie Location 4-31 -6 Yoyogi, Shibuya -ku, Tokyo and other Indication of residential 4-31-6 Yoyogi, Shibuya-ku, Tokyo address Nearest station Approximately 3-minute walk from Hatsudai Station on the Keio New Line Type of Land Surface right ownership Site area 589.94 m2 Use district Commercial district Building 80% Floor area ratio 700% coverage ratio Type of Building Proprietary ownership ownership Total floor area 5,117.80 m2 Use Office, store, parking Steel -framed reinforced concrete Construction structure May 28, 1987 Structure and floors completion 1 floor below ground / 9 floors above ground Collateral None Property management Shimizu Comprehensive Master lease SAR company Development company Status of leasing Total number of Total leasable area 3,512.19m2 8 tenants Total leased area 3,097.44m2 Monthly rent 11,557 thousand yen (including common area maintenance fee ) Security and Occupancy rate 88.2% 78,283,032 yen guarantee deposits Special notations Not applicable.

(Unit: yen ) Summary of real estate appraisal report Property name Nishi -Shinjuku Matsuya Building Appraisal value 2,120,000,000 Appraisal firm Daiwa Real Estate Appraisal Co., Ltd. Date of value November 1, 2015 Item Details Description, etc . Estimated by emphasizing the indicated value by DCF Indicated value by income approach 2,120,000,000 method and verifying with the indicated value by direct capitalization method. Indicated value by direct capitalization 2,170,000,000 method (1) Operating revenue ((a)−(b)) 177,507,779 (a) Gross potential income 189,640,920 Recorded taking into consideration the average vacancy (b) Vacancy loss, etc. 12,133,141 rate in the area, competitiveness of the subject real estate, etc. (2) Operating expenses 67,950,111 Maintenance and management Recorded by judging the scheduled agreement fee to be 9,892,600 fee appropriate. Appraised by reference to the level of similar real estate Utilities expenses 20,661,000 and historical data.

Appraised based on the ER by reference to the level of Repair expenses 2,904,500 repair expenses of similar real estate. Property Management fee 3,282,634 Recorded based on the scheduled agreement . Recorded the amount equivalent to 1.5 month rent to be Tenant leasing cost, etc. 1,380,377 paid by newly occupying tenant by reference to the level of similar real estate . Property taxes 6,391,700 Appraised by reference to the actual data. Insurance premium 560,000 Appraised by reference to the level of similar real estate. Appraised by reference to the actual data of discretionary Other expenses 22,877,300 reserve, land rent and road occupying fee. (3) Net operating income 109,557,668 (NOI=(1)−(2)) (4) Financial interests on deposits 1,721,260 Appraised investment return as 2.0%. Appraised based on the ER by reference to the level of (5) Capital expenditures 13,727,475 renewal expenses of similar real estate. (6) Net cash ﬂow (NCF=(3)+(4)−(5)) 97,551,453 Appraised by comprehensively taking into account the (7) Capitalization rate 4.5% competitiveness of the subject real estate, etc. Indi cated value by DCF method 2,100,000,000 Appraised by comprehensively taking into account the Discount rate 4.3% competitiveness of the subject real estate, etc. Terminal capitalization rate 4.7 % Appraised by reflecting aging risk, market trend risk, etc. Estimated by making depreciation adjustment to Indicated value by cost approach 1,660,000,000 replacement cost. Ratio of land 75.1 % Ratio of building 24.9 % Determined using the indicated value by income approach Matters considered in reconciliation of indicated values and as standard and by reference to the indicated value by cost determination of appraisal value approach.

Property information and acquisition highlight based on the survey by the Asset Manager (1) Property information － A multi-tenant office building located an approximate 3-minute walk from Hatsudai Station on the Keio Line, the property offers excellent transportation convenience, since in addition to access by train, the area is served by multiple bus routes. － In addition to the series of retail/office skyscrapers lining Koshu-Kaido street, the area is close to Shinjuku sub-center as well as nearby large-scale buildings such as Tokyo Opera City and the head office of NTT East therefore having a reasonably high concentration of office buildings. － Along with a stately exterior, the building features a convenience store on the first floor and is equipped with standard facilities typically sought by tenants, fair demand from affiliated companies of tenants of large-scale buildings located in the surrounding area can be expected. (2) Acquisition highlight － SAR acquired, with the support of the Sponsor, the property (real estate, etc.) which Star Asia Group had acquired by acquiring real estate-related debts and exercising the accompanied authority to give instructions (acquisition through special situation investment). Comprehensive evaluation by SAR: Evaluation of income stability and growth For the following reasons, SAR believes the property can gain stable revenue over the medium to long -term and can also expect income growth from increased rent, etc. into the future. (1) Located in the Nishi-Shinjuku area, which has a high concentration of office buildings. (2) In addition to access by train, the area is well served by bus routes and provides convenient access to various locations within central Tokyo. (3) The property is expected to attract fair demand from affiliated companies of tenants of large-scale buildings located in Shinjuku sub -center or its surrounding area.

(2) OFC-05 Alphabet Seven Property no. OFC -05 Property name Alphabet Seven Type Office Overview of specified asset Type of specified asset Beneficiary interest in trust Trustee Mizuho Trust & Banking Co., Ltd. Date of conclusion of Acquisition price 1,725 million yen sale and purchase March 11, 2016 agreement Appraisal value 2,240 million yen Seller GK Hobie Location 7-327 -1 Akasaka, Minato -ku, Tokyo and other Indication of residential address 7-6-38 Akasaka, Minato -ku, Tokyo Disclaimer: This document is an English translation of a press release for public announcement concerning completion of asset acquisition by Star Asia Investment Corporation, and has not been prepared for the purpose of solicitation of investment. 5

Nearest station Approximately 5-minute walk from Akasaka Station on the Tokyo Metro Chiyoda Line Land Type of ownership Proprietary ownership Category I Mid -to -high -rise Site area 1,286.45m2 Use district exclusive residential district Building coverage 60% Floor area ratio 300% ratio Building Type of ownership Proprietary ownership Office, apartment complex, Total floor area 4,132.80m2 Use parking Reinforced concrete Construction structure January 6, 1990 Structure and floors completion 1 floor below ground / 6 floors above ground Collateral None Shimizu Comprehensive Property management company Master lease company SAR Devel opment Status of leasing Total number of Total leasable area 2,464.59m2 7 tenants Monthly rent Total leased area 2,190.80m2 (including common 9,855 thousand yen area maintenance fee ) Security and Occupancy rate 88.9% 91,523,732 yen guarantee deposits Special notations Since the use district of the building has been changed after the construction, a building for office use cannot be constructed upon rebuilding.

(Unit: yen ) Summary of real estate appraisal report Property name Alphabet Seven Appraisal value 2,240,000,000 Appraisal firm Japan Real Estate Institute Date of value November 1, 2015 Item Details Description, etc . Estimated by correlation of the indicated value by Indicated value by income approach 2,240,000,000 direct capitalization method and the indicated value by DCF method. Indicated value by direct capitalization 2,270,000,000 method (1) Operang revenue ((a)−(b)) 139,023,000 (a) Gross potential income 152,219,000 Appraised taking into consideration the occupancy (b) Vacancy loss, etc. 13,196,000 status of the subject real estate and similar real estate and future supply / demand trend . (2) Operating expenses 38,095,000 Appraised by reference to the agreement te rms Maintenance and management fee 7,800,000 and the level of similar real estate. Appraised by reference to actual data and the Utilities expenses 11,000,000 level of similar real estate. Appraised by reference to costs for restoring to Repair expenses 2,479,000 original state, repair and renewal expenses in the ER and the level of similar real estate. Appraised by reference to the agreement te rms Property Management fee 1,890,000 and the level of similar real estate. Appraised by reference to the agreement te rms Tenant leasing cost, etc. 3,062,000 and the level of similar real estate. Property taxes 11,528,000 Appraised based on actual data. Appraised by reference to the level of similar real Insurance premium 336,000 estate. Other expenses 0 None (3) Net operang income (NOI=(1)−(2)) 100,928,000 (4) Financial interests on deposits 1,750,000 Appraised investment return as 2.0%.

Appraised by reference to repair and renewal (5) Capital expenditures 5,030,000 expenses in the ER and the level of similar real estate. (6) Net cash ﬂow (NCF=(3)+(4)−(5)) 97,648,000 Appraised by comprehensively taking into account (7) Capitalization rate 4.3% the competitiveness of the subject real estate, etc. Indi cated value by DCF method 2,200,000,000 Appraised by comprehensively taking into account Discount rate 4.1% the competitiveness of the subject real estate, etc. Appraised by reflecting aging risk, market trend Terminal capitalization rate 4.5% risk, etc . Estimated by multiplying the total of the land Indicated value by cost approach 2,440,000,000 price and the building price by marketability correction rate. Ratio of land 89.7 % Ratio of building 10.3 % Employed the indicated value by income approach Matters considered in reconciliation of indicated values and with the indicated value by cost approach only as determination of appraisal value reference.

Property information and acquisition highlight based on the survey by the Asset Manager (1) Property information － Located an approximate 5-minute walk from Akasaka Station on the Tokyo Metro Chiyoda Line, the property is a multi- tenant office/residential building in the Akasaka area, which offers excellent convenience and access to central Tokyo. － The surrounding area has a high concentration of office buildings, s uch as the TBS building and Akasaka Biz Tower, and is also a thriving commercial district with many restaurants and service-related businesses. － A medium-scale office/residential building with an elegant exterior, the property enjoys a strong competitive advantage as a residence thanks to the characteristics of the area, and in terms of office space, fair demand from affiliated companies of tenants of the TBS building and Akasaka Biz Tower can be anticipated. (2) Acquisition highlight － SAR acquired, with the support of the Sponsor, the property (real estate, etc.) which Star Asia Group had acquired by acquiring real estate-related debts and exercising the accompanied authority to give instructions (acquisition through special situation investment). Comprehensive evaluation by SAR: Evaluation of income stability and growth For the f ollowing reasons, SAR believes the property can gain stable revenue over the medium to long -term and can also expect income growth from increased rent, etc. into the future. (1) Located in the Akasaka area, one of central Tokyo’s leading office/commercial districts. (2) The property is expected to attract fair demand from affiliated companies of tenants of the TBS building, Akasaka Biz Tower, etc. (3) Thanks to the popularity of the area, location conditions, etc., there is also strong demand for the residential units of the property.

(3) OFC-06 Shibuya MK Building Property Property no. OFC-06 Shibuya MK Building Type Office name Overview of specified asset Beneficiary Mitsubishi UFJ Trust and Banking Type of specified asset Trustee interest in trust Corporation Date of conclusion of Acquisition price 2,042 million yen sale and purchase March 11, 2016 agreement Appraisal value 2,150 million yen Seller GK Hobie Location 3-3-5 Shibuya, Shibuya -ku, Tokyo and other Indication of residential 3-3-2 Shibuya, Shibuya-ku, Tokyo address Nearest station Approx imately 7 -minute walk from Shibuya Station on the JR Yamanote Line Type of Land Proprietary ownership (Partially leasehold) (Note) ownership Site area 620.42 m2 (Note) Use district Commercial district Building 80% Floor area ratio 500% coverage ratio Type of Building Proprietary ownership ownership

Total floor 1,982.86m2 Use Office area Construction Reinforced structure July 31, 1993 Structure and floors completion 6 floors above ground Collateral None Property management Best Property Master lease company SAR company Corporation Status of leasing Total leasable area 1,612.88 m2 Total number of tenants 5 Monthly rent (including Total leased area 1,612.88m2 common area 8,565 thousand yen maintenance fee ) Security and guarantee Occupancy rate 100.00% 51,197,271 yen deposits Special notations Not applicable. (Note) 2.62 m 2 out of the site area indicated is leased from the leaseholder of the adjacent land.

(Unit: yen ) Summary of real estate appraisal report Property name Shibuya MK Building Appraisal value 2,150,000,000 Appraisal firm Japan Real Estate Institute Date of value November 1, 2015 Item Details Description, etc . Estimated by correlation of the indicated value by direct Indicated value by income approach 2,150,000,000 capitalization method and the indicated value by DCF method. Indicated value by direct capitalization 2,180,000,000 method (1) Operang revenue ((a)−(b)) 123,678,000 (a) Gross potential income 128,936,000 Appraised taking into consideration the occupancy status (b) Vacancy loss, etc. 5,258,000 of the subject real estate and similar real estate and future supply / demand trend . (2) Operating expenses 28,680,000 Maintenance and management Appraised by reference to the agreement te rms and the 6,320,000 fee level of similar real estate. Appraised by reference to actual data and the level of Utilities expenses 9,000,000 similar real estate. Appraised by reference to repair and renewal expenses Repair expenses 1,809,000 in the ER and the level of similar real estate. Appraised by reference to the agreement te rms and the Property Management fee 2,036,000 level of similar real estate. Appraised by reference to the agreement te rms and the Tenant leasing cost, etc. 815,000 level of similar real estate. Property taxes 8,375,000 Appraised based on actual data. Insurance premium 161,000 Appraised by reference to the level of similar real estate. Other expenses 164,000 Recorded land rent paid. (3) Net operating income 94,998,000 (NOI=(1)−(2)) (4) Financial interests on deposits 1,114,000 Appraised investment return as 2.0%. Appraised by reference to repair and renewal expenses (5) Capital expenditures 4,440,000 in the ER and the level of similar real estate. (6) Net cash ﬂow (NCF=(3)+(4)−(5)) 91,672,000 Appraised by comprehensively taking into account the (7) Capitalization rate 4.2% competitiveness of the subject real estate, etc. Ind icated value by DCF method 2,110,000,000 Appraised by comprehensively taking into account the Discount rate 4.0% competitiveness of the subject real estate, etc. Terminal capitalization rate 4.4 % Appraised by reflecting aging risk, market trend risk, etc . Estimated by multiplying the total of the land price and Indicated value by cost approach 1,970,000,000 the building price by market ability correction rate.

Ratio of land 90.2 % Ratio of building 9.8 % Matters considered in reconciliation of indicated values and Employed the indicated value by income approach with determination of appraisal value the indicated value by cost approach only as reference.

Property information and acquisition highlight based on the survey by the Asset Manager (1) Property information － Located an approximate 7-minute walk from Shibuya Station on the JR, Tokyo Metro, and private railway lines, the property is a multi-tenant office building in the Shibuya area, which offers excellent access and convenience. － As one of Japan’s leading commercial districts, the Shibuya area is an extremely busy shopping center; it has also become known as an office district in recent years, due to companies in fields such as IT and fashion moving into the area, and it is expected to develop even more in future thanks to the renovation of Shibuya Station and construction of multiple skyscrapers near the station. － In addition to a stately exterior, the property fully meets the standards typically sought by tenants when it comes to facilities, including individual air-conditioning and raised floors, which make it appealing to tenant companies from a wide range of fields. (2) Acquisition highlight － SAR acquired, with the support of the Sponsor , the property which Star Asia Group had acquired through a domestic brokerage company on a negotiation basis. Comprehensive evaluation by SAR: Evaluation of income stability and growth For the following reasons, SAR believes the property can gain stable revenue over the medium to long -term and can also expect income growth from increased rent, etc. into the future. (1) Located in the Shibuya area, one of Japan’s leading commercial districts (2) The property, located in Shibuya area, has a strong appeal for fashion and IT-related companies. (3) Following the completion of the Shibuya Station area redevelopment project, further development is expected going forward.

(4) OFC-07 Hakata-eki Higashi 113 Building Property Property no. OFC-07 Hakata-eki Higashi 113 Building Type Office name Overview of specified asset Trust beneficiary Mitsubishi UFJ Trust and Banking Type of specified asset Trustee right Corporation Date of conclusion of Acquisition price 1,885 million yen sale and purchase (Note) agreement Appraisal value 1,920 million yen Seller West Wood Capital Co., Ltd. Location 1-231 Hakataeki Higashi, Hakata -ku, Fukuoka -shi, Fukuoka and other Indication of residential address 1-13 -9 Hakataeki Higashi, Hakata -ku, Fukuoka -shi, Fukuoka Nearest station Approx imate ly 5-minute walk from Hakata Station on the JR and Fukuoka City Subway lines Land Type of ownership Proprietary ownership Site area 950.75 m2 Use district Commercial district Building coverage 80% Floor area ratio 500% ratio Building Type of ownership Proprietary ownership 4,888.70 m2 (including Total floor area Use Office 17.25m 2 pump room ) Steel -framed reinforced concrete Construction October 3, 1987 Structure and floors structure completion 8 floors above ground Collateral None Property management company OHI Co., Ltd. Master lease company SAR Status of leasing Total leasable area 3,600.44 m2 Total number of tenants 33 Monthly rent (including Total leased area 3,600.44m2 common area 10,360 thousand yen maintenance fee ) Security and guarantee Occupancy rate 100.0% 87,614,847 yen deposits Special notations Not applicable.

(Note) SAR succeeded, on April 20, 2016, the status of a buyer under the beneficiary interest in trust sale and purchase agreement dated December 25, 2015, which was concluded between the seller and GK SAPR2 belonging to the Sponsor Group.

(Unit: yen ) Summary of real estate appraisal report Property name Hakata -eki Higashi 113 Building Appraisal value 1,920,000,000 Appraisal firm Daiwa Real Estate Appraisal Co., Ltd. Date of value November 1, 2015 Item Details Description, etc . Estimated by emphasizing the indicated value by DCF method and verifying with the Indicated value by income approach 1,920,000,000 indicated value by direct capitalization method. Indicated value by direct capitalization method 2,020,000,000 (1) Operang revenue ((a)−(b)) 161,138,824 (a) Gross potential income 170,394,552 Recorded taking into consideration the average vacancy rate in the area, (b) Vacancy loss, etc. 9,255,728 competitiveness of the subject real estate, etc. (2) Operating expenses 50,453,650 Recorded by judging the scheduled Maintenance and management fee 11,400,000 agreement fee to be appropriate. Appraised by reference to the level of similar Utilities expenses 14,321,000 real estate and historical data. Appraised based on the ER by reference to Repair expenses 8,611,083 the level of repair expenses of similar real estate. Recorded based on the scheduled Property Management fee 3,781,114 agreement . Recorded the amount equivalent to 1 month Tenant leasing cost, etc. 964,253 rent to be paid by newly occupying tenant by reference to the level of similar real estate . Property taxes 10,172,200 Appraised by reference to the actual data. Appraised by reference to the level of similar Insurance premium 553,000 real estate. Appraised by reference to the actual data of Other expenses 651,000 other miscellaneous expenses. (3) Net operang income (NOI=(1)−(2)) 110,685,174 (4) Financial interests on deposits 1,915,855 Appraised investment return as 2.0%. Appraised based on the ER by reference to (5) Capital expenditures 11,807,191 the level of renewal expenses of similar real estate (taking into consideration the CM fee). (6) Net cash ﬂow (NCF=(3)+(4)−(5)) 100,793,838 Appraised by comprehensively taking into (7) Capitalization rate 5.0% account the competitiveness of the subject real estate, etc. Indi cated value by DCF method 1,870,000,000 Appraised by comprehensively taking into Discount rate 4.8% account the competitiveness of the subject real estate, etc. Appraised by reflecting aging risk, market Terminal capitalization rate 5.2% trend risk, etc . Estimated by making depreciation Indicated value by cost approach 1,980,000,000 adjustment to replacement cost. Ratio of land 77.9 % Ratio of building 22.1 % Determined using the indicated value by Matters considered in reconciliation of indicated values and determination income approach as standard and by of appraisal value reference to the indicated value by cost approach.

Property information and acquisition highlight based on the survey by the Asset Manager (1) Property information － Located an approximate 5-minute walk from Hakata Station on the JR and Fukuoka City Subway lines, the property is a multi-tenant office building in the Hakata-eki-higashi area, which has one of the highest concentrations of office buildings in Fukuoka. － Thanks to its favorable location right next to Hakata Station, the area is a popular business district with many office buildings and city hotels. Furthermore, due to the impact of the Hakata Station area redevelopment project, it is expected to develop even more as a commercial and office district going forward. － The office building has an elegant appearance, enhanced by renovations to the entrance hall and common areas on each floor in 2012, and it also fully meets the standards typically sought by tenants with regard to various facilities, including square-shaped column-free space (in some areas), individual air-conditioning, and raised floors, which makes it appealing to tenant companies from a wide range of fields. (2) Acquisition highlight － SAR acquired the property on a negotiation basis through its unique relationship. Comprehensive evaluation by SAR: Evaluation of income stability and growth For the following reasons, SAR believes the property can gain stable revenue over the medium to long -term and can also expect income growth from increased rent, etc. into the future. (1) Located in the Hakata-eki-higashi area where there is a fair concentration of office buildings. (2) Thanks to the renovated entrance hall and common areas on each floor, it appeals to tenant companies from a wide range of fields. (3) With the completion of the Hakata Station area redevelopment project, furthe r development is expected going forward.

(5) OFC-08 Asahi Building Property no. OFC -08 Property name Asahi Building Type Office Overview of specified asset Beneficiary interest Type of specified asset Trustee Sumitomo Mitsui Trust Bank, Limited in trust Date of conclusion of sale Acquisition price 6,320 million yen (Note 1) and purchase agreement Appraisal value 6,370 million yen Seller GK Fireball Location 33 -8 Tsuruya -cho, Kanagawa -ku, Yokohama -shi, Kanagawa and other Indication of residential 3-33-8 Tsuruya-cho, Kanagawa-ku, Yokohama-shi, Kanagawa address Nearest station Approxi mately 8 -minute walk from Yokohama Station on the JR Tokaido Main Line Type of Land Proprietary ownership ownership Site area 1,906.86 m2 Use district Commercial district Building coverage 80% Floor area ratio 500% (Note 2) ratio Type of Building Proprietary ownership ownership Total floor 12,353.83m2 Use Store, office, parking area Steel -framed, Steel -framed reinforced Construction concrete and Reinforced concrete structure November 25, 1994 Structure and floors completion 2 floors below ground / 12 floors above ground Collateral None Sanko Office Property management Management, Co., Master lease company SAR company Ltd. Status of leasing Total leasable area 8,684.30 m2 Total number of tenants 18 Monthly rent (including Total leased area 8,101.80m2 common area 29,081 thousand yen maintenance fee ) Security and guarantee Occupancy rate 93.3% 219,720,540 yen deposits Special notations Not applicable. (Note 1) SAR succeeded, on April 20, 2016, the status of a buyer under the beneficiary interest in trust sale and purchase agreement dated January 22, 2016, which was concluded between the seller and GK SAPR2 belonging to the Sponsor Disclaimer: This document is an English translation of a press release for public announcement concerning completion of asset acquisition by Star Asia Investment Corporation, and has not been prepared for the purpose of solicitation of investment. 11

Group. (Note 2) Floor area ratio with the mitigation due to public open space is 636.10%.

(Unit: yen ) Summary of real estate appraisal report Property name Asahi Building Appraisal value 6,370,000,000 Appraisal firm Japan Real Estate Institute Date of value November 1, 2015 Item Details Description, etc . Estimated by correlation of the indicated value by direct Indicated value by income approach 6,370,000,000 capitalization method and the indicated value by DCF method. Indicated value by direct capitalization method 6,400,000,000 (1) Operang revenue ((a)−(b)) 427,972,000 (a) Gross potential income 444,229,000 Appraised taking into consideration the occupancy (b) Vacancy loss, etc. 16,257,000 status of the subject real estate and similar real estate and future supply / demand trend . (2) Operating expenses 119,542,000 Appraised by reference to the Maintenance and management fee 27,500,000 agreement terms and the level of similar real estate. Appraised by reference to actual Utilities expenses 38,000,000 data and the level of similar real estate. Appraised by reference to repair and renewal expenses in the ER Repair expenses 13,446,000 and the level of similar real estate. Appraised by reference to the Property Management fee 4,708,000 agreement terms and the level of similar real estate. Appraised by reference to the Tenant leasing cost, etc. 2,610,000 agreement terms and the level of similar real estate. Property taxes 32,004,000 Appraised based on actual data. Appraised by reference to the Insurance premium 1,260,000 level of similar real estate. Other expenses 14,000 Recorded joint use fees, etc. (3) Net operang income (NOI=(1)−(2)) 308,430,000 Appraised investment return as (4) Financial interests on deposits 4,877,000 2.0%. Appraised by reference to repair and renewal expenses in the ER (5) Capital expenditures 31,690,000 and the level of similar real estate. (6) Net cash ﬂow (NCF=(3)+(4)−(5)) 281,617,000 Appraised by comprehensively taking into account the (7) Capitalization rate 4.4% competitiveness of the subject real estate, etc. Indicated value by DCF method 6,340,000,000 Appraised by comprehensively taking into account the Discount rate 4.1% competitiveness of the subject real estate, etc. Appraised by reflecting aging Terminal capitalization rate 4.5% risk, market trend risk, etc .

Estimated by multiplying the total of the land price and the Indicated value by cost approach 5,470,000,000 building price by marketability correction rate. Ratio of land 70.1 % Ratio of building 29.9 % Employed the indicated value by Matters considered in reconciliation of indicated values and determination of appraisal income approach with the value indicated value by cost approach only as reference.

Property information and acquisition highlight base d on the survey by the Asset Manager (1) Property information － A multi-tenant office building located an approximate 8-minute walk from Yokohama Station on the JR Tokaido Main Line. － The Yokohama Station West Exit area, where the property is situated, is one of Kanagawa’s leading commercial districts, with a high level of commercial traffic, and it is also known as one of Yokohama’s most popular office districts, along with the Minato-Mirai area. With multiple skyscraper complexes being constructed near Yokohama Station, it is expected that the area will develop even more going forward as one of Japan’s leading commercial and office districts. － In addition to a stately exterior, the property fully meets the standards typically sought by tenants when it comes to facilities, including individual air-conditioning and raised floors which make it appealing to tenant companies from a wide range of fields. (2) Acquisition highlight － SAR acquired, with the support of the Sponsor, the property which Star Asia Group had acquired on a negotiation basis using the information obtained from domestic financial institutions. Comprehensive evaluation by SAR: Evaluation of income stability and growth For the following reasons, SAR believes the property can gain stable revenue over the medium to long -term and can also expect income growth from increased rent, etc. into the future. (1) Located in the Yokohama Station West Exit area where there is a concentration of commercial and office buildings. (2) The floors can be subdivided into smaller spaces, enabling the building to flexibly accommodate demand from branch offices of companies in various fields. (3) With the completion of the Yokohama Station area redevelopment project and the Excite Yokohama 22 project, further development is expected going forward.

(6) RSC-04 Urban Park Shin-Yokohama Property no. RSC -04 Property name Urban Park Shin -Yokohama Type Residential property Overview of specified asset Mitsubishi UFJ Trust and Type of specified asset Beneficiary interest in trust Trustee Banking Corporation Date of conclusion of Acquisition price 2,528 million yen sale and purchase March 11, 2016 agreement Appraisal value 2,540 million yen Seller GK SAPR1 (Note 1 ) Location 2-18 -10 Shin -Yokohama, Kohoku -ku, Yokohama -shi, Kanagawa and other Indication of residential 2-18-5 Shin-Yokohama, Kohoku-ku, Yokohama-shi, Kanagawa address Approx imately 9 -minute walk from Shin -Yokohama Station on the JR Tokaido Shinkansen Nearest station and Yokohama Line and other Type of Land Proprietary ownership ownership Site area 862.00 m2 Use district Commercial district Building 80% Floor area ratio 600%(Note 2) coverage ratio Type of Building Proprietary ownership ownership Total floor Apa rtment complex, parking, 5,171.12m2 Use area store Steel -framed structure Construction May 30, 2009 Structure and floors 1 floor below ground / 10 floors completion above ground Collateral None Property management Haseko Livenet Inc. Master lease company Haseko Livenet Inc. company Status of leasing Disclaimer: This document is an English translation of a press release for public announcement concerning completion of asset acquisition by Star Asia Investment Corporation, and has not been prepared for the purpose of solicitation of investment. 13

Total number of Total leasable area 3,989.11m2 75 tenants Total leased area 3,925.70m2 Monthly rent (including 11,536 thousand yen common area maintenance fee ) Security and guarantee Occupancy rate 98.4% 7,628,000 yen deposits Special notations Not applicable. (Note 1) This is a property for which SAR requested warehousing from the Sponsor. There is no separate compensation in line with such request. (Note 2) Floor area ratio will be 597% due to the width of the frontal road.

(Unit: yen ) Summary of real estate appraisal report Property name Urban Park Shin -Yokohama Appraisal value 2,540,000,000 Appraisal firm Daiwa Real Estate Appraisal Co., Ltd. Date of value November 1, 2015 Item Details Description, etc . Estimated by emphasizing the indicated value by DCF Indicated value by income approach 2,540,000,000 method and verifying with the indicated value by direct capitalization method. Indicated value by direct capitalization 2,590,000,000 method (1) Operang revenue ((a)−(b)) 153,920,812 (a) Gross potential income 161,811,649 Recorded taking into consideration the average vacancy (b) Vacancy loss, etc. 7,890,837 rate in the area, competitiveness of the subject real estate, etc. (2) Operating expenses 29,091,508 Maintenance and management Recorded by judging the scheduled agreement fee to be 6,432,000 fee appropriate. Appraised by reference to the level of similar real estate Utilities expenses 1,611,192 and historical data. Appraised by reference to the level of repair expenses of Repair expenses 3,344,406 similar real estate. Property Management fee 2,998,518 Recorded based on the scheduled agreement . Recorded the amount equivalent to 1.5 month rent to be Tenant leasing cost, etc. 4,252,112 paid by newly occupying tenant by reference to the level of similar real estate . Property taxes 9,345,800 Appraised by reference to the actual data. Insurance premium 507,480 Appraised by reference to the level of similar real estate. Appraised by reference to the actual data of Other expenses 600,000 maintenance and management fee and discretionary reserve. (3) Net operating income 124,829,304 (NOI=(1)−(2)) (4) Financial interests on deposits 275,999 Appraised investment return as 2.0%. Appraised based on the ER by reference to the level of (5) Capital expenditures 3,396,583 renewal expenses of similar real estate. (6) Net cash ﬂow (NCF=(3)+(4)−(5)) 121,708,720 Appraised by comprehensively taking into account the (7) Capitalization rate 4.7% competitiveness of the subject real estate. Indicated value by DCF method 2,520,000,000 Appraised by comprehensively taking into account the Discount rate 4.5% competitiveness of the subject real estate Terminal capitalization rate 4.9 % Appraised by reflecting aging risk, market trend risk, etc. Estimated by making depreciation adjustment to Indicated value by cost approach 2,530,000,000 replacement cost. Ratio of land 55.0 % Ratio of building 45.0 %

Determined using the indicated value by income Matters considered in reconciliation of indicated values and approach as standard and by reference to the indicated determination of appraisal value value by cost approach.

Property information and acquisition highlight based on the survey by the Asset Manager (1) Property information － A residential building for singles located an approximate 9-minute walk from Shin-Yokohama Station on the JR Tokaido Shinkansen Line and Yokohama Line. － The property offers excellent convenience for everyday living, with many retail stores and restaurants clustered around Shin-Yokohama Station, and is also located in a high-quality residential environment adjacent to Shin-Yokohama Park, home of International Stadium Yokohama. － In addition to an elegant tiled facade and tastefully designed entrance hall, the units of the building are equipped with high-grade household facilities, making the property highly appealing to singles in their twenties and thirties, the main targets of the property. (2) Acquisition highlight － SAR acquired the property on a negotiation basis through its unique relationship (utilizing warehousing function by the Sponsor Group). Comprehensive evaluation by SAR: Evaluation of income stability For the following reasons, SAR believes the property can gain stable revenue over the medium to long -term . (1) Located in the Shin-Yokohama area, which provides convenient transportation access. (2) In addition to an elegant facade, the building is equipped with premium household facilities. (3) Access to central Tokyo will improve considerably with the opening of direct services linking the Sagami and Tokyu railway lines.

(7) RSC-05 Urban Park Namba Property Property no. RSC-05 Urban Park Namba Type Residential property name Overview of specified asset Beneficiary interest in Mitsubishi UFJ Trust and Banking Type of specified asset Trustee trust (Note 1 ) Corporation Date of conclusion of Acquisition price 1,490 million yen sale and purchase (Note 1) agreement Appraisal value 1,560 million yen Seller Not disclosed (Note 2 ) Location 2-7-18 Inari, Naniwa -ku, Osaka -shi, Osaka Indication of residential 2-7-22 Inari, Naniwa-ku, Osaka-shi, Osaka address Approx imately 6 -minute walk from Sakuragawa Station on the Osaka Municipal Subway Nearest station Sennichimae Line Type of Land Proprietary ownership ownership Site area 670.39 m2 Use district Quasi Industrial District Building 60% Floor area ratio 400% coverage ratio Type of Building Proprietary ownership ownership Total floor 2,776.87m2 Use Apartment complex, parking area Construction Reinforced concrete structure January 9, 2013 Structure and floors completion 14 floors above ground Collateral None Property management Master lease Phoenix Kanri Inc. Phoenix Kanri Inc. company company Status of leasing Total number of Total leasable area 2,584.81m2 110 tenants Monthly rent(including Total leased area 2,414.26m2 7,726 thousand yen common area maintenance fee ) Security and Occupancy rate 93.4% 100,000 yen guarantee deposits Special notations Not applicable. Disclaimer: This document is an English translation of a press release for public announcement concerning completion of asset acquisition by Star Asia Investment Corporation, and has not been prepared for the purpose of solicitation of investment. 15

(Note 1) SAR succeeded, on April 20, 2016, the status of a buyer under the trust beneficiary interest sale and purchase contract dated February 2, 2016, which was concluded between the seller and GK SAPR2 belonging to the Sponsor Group. (Note 2) The information is undisclosed as consent to disclosure has not been obtained from the seller.

(Unit: yen ) Summary of real estate appraisal report Property name Urban Park Namba Appraisal value 1,560,000,000 Appraisal firm Daiwa Real Estate Appraisal Co., Ltd. Date of value November 1, 2015 Item Details Description, etc . Estimated by emphasizing the indicated value by DCF Indicated value by income approach 1,560,000,000 method and verifying with the indicated value by direct capitalization method. Indicated value by direct capitalization 1,590,000,000 method (1) Operang revenue ((a)−(b)) 100,144,873 (a) Gross potential income 105,258,224 Recorded taking into consideration the average vacancy (b) Vacancy loss, etc. 5,113,351 rate in the area, competitiveness of the subject real estate, etc. (2) Operating expenses 18,974,581 Maintenance and management Recorded by judging the scheduled agreement fee to be 3,671,400 fee appropriate. Appraised by reference to the level of similar real estate Utilities expenses 1,406,556 and historical data. Appraised by reference to the ER while taking into Repair expenses 1,696,984 consideration the level of repair expenses of similar real estate. Property Management fee 1,471,240 Recorded based on the scheduled agreement. Recorded the amount equivalent to 1.5 month rent to be Tenant leasing cost, etc. 5,169,301 paid by newly occupying tenant by reference to the level of similar real estate . Property taxes 5,127,400 Appraised by reference to the actual data. Insurance premium 337,700 Appraised by reference to the level of similar real estate. Appraised by reference to the actual data of supplies Other expenses 94,000 expenses and discretionary reserve such as other miscellaneous expenses. (3) Net operating income 81,170,292 (NOI=(1)−(2)) (4) Financial interests on deposits 0 Appraised investment return as 2.0%. Appraised by reference to the ER while taking into (5) Capital expenditures 1,891,120 consideration the level of renewal expenses of similar real estate. (6) Net cash ﬂow (NCF=(3)+(4)−(5)) 79,279,172 Appraised by comprehensively taking into account the (7) Capitalization rate 5.0% competitiveness of the subject real estate, etc. Indicated value by DCF method 1,540,000,000 Appraised by comprehensively taking into account the Discount rate 4.8% competitiveness of the subject real estate, etc. Terminal capitalization rate 5.2 % Appraised by reflecting aging risk, market trend risk, etc. Estimated by making depreciation adjustment to Indicated value by cost approach 1,450,000,000 replacement cost. Ratio of land 52.2 % Ratio of building 47.8 % Determined using the indicated value by income Matters considered in reconciliation of indicated values and approach as standard and by reference to the indicated determination of appraisal value value by cost approach.

Property information and acquisition highlight based on the survey by the Asset Manager (1) Property information － A residential building for singles located an approximate 9-minute walk from Namba Station on the JR Kansai Main Line and approximate 6 -minute walk from Sakuragawa Station on the Osaka Municipal Subway Sennichimae Line.

－ Highly advantageous location within walking distance of Namba, one of Osaka’s leading shopping districts. － In addition to an elegant tiled facade, the units of the building are equipped with high-grade household facilities, making the property highly appealing to singles in their twenties and thirties, the main target of the property. (2) Acquisition highlight － SAR acquired the property on a negotiation basis through its unique relationship. Comprehensive evaluation by SAR: Evaluation of income stability For the following reasons, SAR believes that the property can gain stable revenue over the medium to long -term . (1) Located near Namba, one of Osaka’s leading commercial areas. (2) In addition to an elegant facade, the building is equipped with premium household facilities. (3) The influx of population into central Osaka due to the impact of strong in-bound demand has had a stabilizing effect on occupancy rates.

3. Seller profile (1) OFC-04 Nishi-Shinjuku Matsuya Building, OFC-05 Alphabet Seven and OFC-06 Shibuya MK Building Name GK Hobie Location 5-1-4 Toranomon, Mimato-ku, Tokyo Representative Representative partner: Ippanshadanhoujin Zaimokuza Operational executor: Takaaki Fukunaga Main business description 1. Acquisition, ownership, disposition of real estate 2. Leasing and management of real estate 3. Acquisition, ownership, disposition of beneficially interest in trust 4. Acquisition, ownership, disposition of securities 5. All business incident al to the above Capital 300,000 yen Established January 4, 2012 Relationship with investment corporation or asset management company Capital relationship There is no capital relationship to report. Personnel relationship There is no personal relationship to report. Business relationship There is no business relationship to report. Related party or no The Seller does not fall under the category of interested person, etc. as provided in the Investment Trusts Act, but falls under the category of interested party prescribed in the “Rules on Transactions with Interested Parties”, which is the voluntary rules set forth by the Asset Manager for preventing conflict of interests regarding its management of SAR’s assets. Upon conducting the acquisition of the assets, the Asset Manager has performed deliberation and resolution in accordance with the voluntary rules.

(2) OFC-07 Hakata-eki Higashi 113 Building Name West Wood Capital Co., Ltd. Location 2-7-46-201 Shirokane, Minato-ku, Tokyo Representative Takashi Nishiki Main business description Purchase/sale and ownership of securities, investment in venture companies, etc. Capital 10 million yen Established December 25, 2002 Relationship with investment corporation or asset management company Capital relationship There is no capital relationship to report. Personnel relationship There is no personal relationship to report. Business relationship There is no business relationship to report. Related party or no The Seller does not fall under the category of related party of SAR/the Asset Manager.

(3) OFC-08 Asahi Building Name GK Fireball Location 1-1-7 Motoakasaka, Minato-ku, Tokyo Representative Representative partner: Ippanshadanhojin Yuigahama Operational executor: Terumitsu Nosaka Main business description 1. Acquisition, ownership, disposition and management of beneficiary interest in trust 2. Sales, ownership, management and leasing of real estate Disclaimer: This document is an English translation of a press release for public announcement concerning completion of asset acquisition by Star Asia Investment Corporation, and has not been prepared for the purpose of solicitation of investment. 17

3. All business incident al to the above Capital 100,000 yen Established March 18, 2010 Relationship with investment corporation or asset management company Capital relationship There is no capital relationship to report. Personnel relationship There is no personal relationship to report. Business relationship There is no business relationship to report. Related party or no The Seller does not fall under the category of interested person, etc. as provided in the Investment Trusts Act, but falls under the category of interested party prescribed in the “Rules on Transactions with Interested Parties”, which is the voluntary rules set forth by the Asset Manager for preventing conflict of interests regarding its management of SAR’s assets. Upon conducting the acquisition of the assets, the Asset Manager has performed deliberation and resolution in accordance with the voluntary rules.

(4) RSC-04Urban Park Shin-Yokohama Name GK SAPR 1 Location 5-1-4 Toranomon, Minato-ku, Tokyo Representative Representative partner: Ippanshadanhojin SAPR Holding 1 Operational executor: Takaaki Fukunaga Main business description 1. Acquisition, ownership and disposition of stocks, specified capital contribution, capital and other equity interest of stock companies, special purpose companies, limited liability companies and other corporations 2. Acquisition, ownership and disposition of beneficiary interest in trust of real estate 3. Acquisition, ownership and disposition of loan claims 4. Acquisition, ownership and disposition of corporate bonds, silent partnership interest and other securities 5. Sales, leasing, management, acquisition, ownership, disposition and use of real estate 6. All business incident al to the above Capital 300,000 yen Established October 9, 2015 Relationship with investment corporation or asset management company Capital relationship There is no capital relationship to report. Personnel relationship There is no personal relationship to report. Business relationship There is no business relationship to report. Related party or no The Seller does not fall under the category of interested person, etc. as provided in the Investment Trusts Act, but falls under the category of interested party prescribed in the “Rules on Transactions with Interested Parties”, which is the voluntary rules set forth by the Asset Manager for preventing conflict of interests regarding its management of SAR’s assets. Upon conducting the acquisition of the assets, the Asset Manager has performed deliberation and resolution in accordance with the voluntary rules.

(5) RSC-05 Urban Park Namba Name (Note) Location (Note) Relationship with investment corporation or asset management company Capital relationship There is no capital relationship to report. Personnel relationship There is no personal relationship to report. Business relationship There is no business relationship to report. Related party or no The Seller does not fall under the category of related party of SAR/the Asset Manager. (Note) The information is undisclosed as consent to disclosure has not been obtained from the seller.

4. Status of Parties Related to the Acquisition of the Property (1) OFC-04 Nishi-Shinjuku Matsuya Building Previous owner, previous trustee Before Previous owner, previous trustee Company name GK Hobie Other than the one with a relationship of special interest Relationship with parties The company does not fall under the category ― who have special of interested person, etc. as provided in the interests Investment Trusts Act, but falls under the category of interested party prescribed in the “Rules on Transactions with Interested Parties” set forth by the Asset Manager. Acquisition background Acquired for investment management purpose ― and reason, etc. Acquisition price (Note) ― Acquisition period January 27, 2012 ― (Note) Omitted as the current owner has owned the property for over one year.

(2) OFC-05 Alphabet Seven Previous owner, previous trustee Before Previous owner, previous trustee Company name GK Hobie Other than the one with a relationship of special interest Relationship with parties The company does not fall under the category ― who have special of interested person, etc. as provided in the interests Investment Trusts Act, but falls under the category of interested party prescribed in the “Rules on Transactions with Interested Parties” set forth by the Asset Manager. Acquisition background Acquired for investment management purpose ― and reason, etc. Acquisition price (Note) ― Acquisition period February 28, 2012 ― (Note) Omitted as the current owner has owned the property for over one year.

(3) OFC-06 Shibuya MK Building Previous owner, previous trustee Before Previous owner, previous trustee Company name GK Hobie Other than the one with a relationship of special interest Relationship with parties The company does not fall under the category ― who have special of interested person, etc. as provided in the interests Investment Trusts Act, but falls under the category of interested party prescribed in the “Rules on Transactions with Interested Parties” set forth by the Asset Manager. Acquisition background Acquired for investment management purpose ― and reason, etc. Acquisition price (Note) ― Acquisition period March 27, 2014 ― (Note) Omitted as the current owner has owned the property for over one year.

(4) OFC-08 Asahi Building Previous owner, previous trustee Before Previous owner, previous trustee Company name GK Fireball Other than the one with a relationship of special interest Relationship with parties The company does not fall under the category ― who have special of interested person, etc. as provided in the interests Investment Trusts Act, but falls under the Disclaimer: This document is an English translation of a press release for public announcement concerning completion of asset acquisition by Star Asia Investment Corporation, and has not been prepared for the purpose of solicitation of investment. 19

category of interested party prescribed in the “Rules on Transactions with Interested Parties” set forth by the Asset Manager. Acquisition background Acquired for investment management purpose ― and reason, etc. Acquisition price (Note) ― Acquisition period November 28, 2014 ― (Note) Omitted as the current owner has owned the property for over one year.

(5) RSC-04 Urban Park Shin-Yokohama Previous owner, previous trustee Before Previous owner, previous trustee Company name GKS APR 1 Other than the one with a relationship of special interest Relationship with parties The company does not fall under the category ― who have special of interested person, etc. as provided in the interests Investment Trusts Act, but falls under the category of interested party prescribed in the “Rules on Transactions with Interested Parties” set forth by the Asset Manager. Acquisition background Acquired for investment management purpose ― and reason, etc. Acquisition price 2,420 million yen ― Acquisition period January 27, 2016 ― (Note) Since the sellers of OFC-07Hakata-eki Higashi 113 Building and RSC-05Urban Park Namba do not fall under the category of party having special vested interest, their descriptions are omitted.

5. Overview of broker (1) OFC-04 Nishi-Shinjuku Matsuya Building, OFC-05 Alphabet Seven, OFC-06 Shibuya MK Building, OFC-08 Asahi Building, RSC-04 Urban Park Shin-Yokohama 1) Overview of broker Name Jones Lang LaSalle, Inc. Location 2-13-10 Nagata-cho, Chiyoda-ku, Tokyo Representative Toshinobu Kawanishi Main business description 1. Consultant and research of real estate investment 2. Sales, trading, leasing, management of real estate; and agent and brokerage of such 3. Appraisal and consultant of real estate 4. through 24. Omission 25. All business incidental to the above Capital 195 million yen Established April 23, 1985 Relationship with investment corporation or asset management company Capital relationship There is no capital relationship to report. Personnel relationship There is no personal relationship to report. Business relationship There is no business relationship to report. Related party or no The company does not fall under the category of related party of SAR/the Asset Manager.

2) Breakdown and value of the brokerage commission Since the consent has not been obtained from the broker, the information is not disclosed as an undisclosed case due to unavoidable reasons.

(2) OFC-07 Hakata-eki Higashi 113 Building 1) Overview of broker Name OHI Co., Ltd. Location 4-6-7 Tenjin, Chuo-ku, Fukuoka-shi, Fukuoka Representative Eiji Igawa Disclaimer: This document is an English translation of a press release for public announcement concerning completion of asset acquisition by Star Asia Investment Corporation, and has not been prepared for the purpose of solicitation of investment. 20

Main business description Management, leasing, sales and brokerage of real estate Capital 11 million yen Established October 10, 2003 Relationship with investment corporation or asset management company Capital relationship There is no capital relationship to report. Personnel relationship There is no personal relationship to report. Business relationship There is no business relationship to report. Related party or no The company does not fall under the category of related party of SAR/the Asset Manager.

2) Breakdown and value of the brokerage commission Since the consent has not been obtained from the broker, the information is not disclosed as an undisclosed case due to unavoidable reasons.

(3) RSC-05 Urban Park Namba 1) Overview of broker Name Blue Sky Associates Co., Ltd. Location 2-11-13 Akasaka, Minato-ku, Tokyo Representative Taketo Kaneko Main business description ・Sales, ownership and brokerage of real estate beneficiary interest in trust ・Type II financial instruments business, investment advising/agent and related consulting, etc. Capital 10 million yen Established April 6, 2012 Relationship with investment corporation or asset management company Capital relationship There is no capital relationship to report. Personnel relationship There is no personal relationship to report. Business relationship There is no business relationship to report. Related party or no The company does not fall under the category of related party of SAR/the Asset Manager.

2) Breakdown and value of the brokerage commission Since the consent has not been obtained from the broker, the information is not disclosed as an undisclosed case due to unavoidable reasons.

6. Future Outlook For the outlook of the operating results of SAR for the fiscal periods ending July 31, 2016 and January 31, 2017, please refer to the “Notice Concerning Forecasts for the Fiscal Periods Ending July 31, 2016 and January 31, 2017” separately announced today.

* This material is distributed to the press club of the Tokyo Stock Exchange (Kabuto Club), the press club of the Ministry of Land, Infrastructure, Transport and Tourism, and the press club for construction trade publications of the Ministry of Land, Infrastructure, Transport and Tourism. * Star Asia Investment Corporation website address: http://starasia-reit.com/en/

＜Reference Materials ＞ Reference Material 1: Summary of engineering report and earthquake risk analysis Reference Material 2: Location maps/photos of exterior of properties Reference Material 3: Portfolio list

Reference Material 1: Summary of engineering report and earthquake risk analysis

Earthquake risk Engineering report analysis (Note 4) Emergency and Medium to long- Property Property name short-term term repair no. Investigator Investigation repair expenses expenses PML (%) (Note 1) report date (thousand yen) (thousand yen) (Note 2) (Note 3) Minami-Azabu Deloitte Touche OFC-01 December 2015 0 18,000 12.6 Shibuya Building Tohmatsu High-rise bldg.: 11.2 Oak Minami-Azabu Deloitte Touche OFC-02 December 2015 0 23,286 Low-rise bldg. A: 6.3 Building Tohmatsu Low-rise bldg. B: 5.5 Honmachibashi Deloitte Touche OFC-03 December 2015 0 25,058 2.7 Tower Tohmatsu Nishi-Shinjuku Deloitte Touche OFC-04 December 2015 0 16,002 12.2 Matsuya Building Tohmatsu Deloitte Touche OFC-05 Alphabet Seven December 2015 0 7,000 7.8 Tohmatsu Deloitte Touche OFC-06 Shibuya MK Building December 2015 0 6,031 13.1 Tohmatsu Hakata-eki Higashi OFC-07 Earth Appraisal December 2015 0 20,018 7.1 113 Building OFC-08 Asahi Building Earth Appraisal December 2015 950 44,821 4.8 Urban Park Deloitte Touche RSC-01 December 2015 0 3,515 7.2 Azabujuban Tohmatsu Existing bldg.: 12.7 Urban Park Deloitte Touche RSC-02 December 2015 0 18,023 Bldg. A: 10.2 Daikanyama Tohmatsu Bldg. B: 7.9 Urban Park Deloitte Touche RSC-03 December 2015 0 3,498 10.6 Yoyogikoen Tohmatsu Tokio Marine & Urban Park Shin- RSC-04 Nichido Fire December 2015 0 5,440 14.5 Yokohama Insurance Tokio Marine & RSC-05 Urban Park Namba Nichido Fire December 2015 0 2,321 13.2 Insurance Deloitte Touche LGC-01 Iwatsuki Logistics December 2015 0 5,103 12.2 Tohmatsu Deloitte Touche LGC-02 Yokohama Logistics December 2015 0 32,395 10.8 Tohmatsu Bldg. 1-A: 13.9 Deloitte Touche LGC-03 Funabashi Logistics December 2015 0 59,941 Bldg. 1-B: 14.4 Tohmatsu Bldg. 2: 11.1 R&B Hotel Umeda HTL-01 Earth Appraisal December 2015 0 11,429 11.4 East HTL-02 Smile Hotel Namba Earth Appraisal December 2015 0 2,125 12.3 Entire portfolio (Note 4) 3.58 (Note 1) “Deloitte Touche Tohmatsu,” “Earth Appraisal” and “Tokio Marine & Nichido Fire Insurance” in the “Investigator” refers to Deloitte Tohmatsu Property Risk Solution Co., Ltd., Earth-Appraisal Co., Ltd. and Tokio Marine & Nichido Risk Consulting Co., Ltd., respectively. (Note 2) “Emergency and short-term repair expenses” is the expenses stated in the engineering report as expenses in urgent need and repair and renewal expenses required within roughly one year, rounded to the nearest thousand yen. (Note 3) “Medium to long-term repair expenses” is the average amount per year of the repair and renewal expenses projected for the next 12 years stated in the engineering report, rounded to the nearest thousand yen. (Note 4) SAR consigned calculation of individual PML and portfolio PML to Deloitte Tohmatsu Property Risk Solution Co., Ltd. and have received the reports. The figure in the entire portfolio column is the PML for the entire portfolio (portfolio PML) based on the company’s “portfolio earthquake risk evaluation report” dated February 2016.

Reference Material 2: Location maps/photos of exterior of properties

OFC-04 Nishi-Shinjuku Matsuya Building

OFC-05 Alphabet Seven

OFC-06 Shibuya MK Building

OFC-07 Hakata-eki Higashi 113 Building

OFC-08 Asahi Building

RSC-04 Urban Park Shin-Yokohama

RSC-05 Urban Park Namba

Reference Material 3: Portfolio list

Acquisition Real estate Investment Property no. Property name Location price appraisal value ratio (%) (million yen) (million yen) (Note) Minami-Azabu Shibuya OFC-01 Minato-ku, Tokyo 2,973 3,000 4.8 Building OFC-02 Oak Minami-Azabu Building Minato-ku, Tokyo 3,271 3,300 5.3 OFC-03 Honmachibashi Tower Chuo-ku, Osaka-shi, Osaka 6,065 6,530 9.9 Nishi-Shinjuku Matsuya OFC-04 Shibuya-ku, Tokyo 1,763 2,120 2.9 Building OFC-05 Alphabet Seven Minato-ku, Tokyo 1,725 2,240 2.8 OFC-06 Shibuya MK Building Shibuya-ku, Tokyo 2,042 2,150 3.3 Hakata-eki Higashi 113 OFC-07 Hakata-ku, Fukuoka-shi, Fukuoka 1,885 1,920 3.1 Building Kanagawa-ku, Yokohama-shi, OFC-08 Asahi Building 6,320 6,370 10.3 Kanagawa Office subtotal 42.4 RSC-01 Urban Park Azabujuban Minato-ku, Tokyo 2,045 2,130 3.3 RSC-02 Urban Park Daikanyama Shibuya-ku, Tokyo 6,315 7,120 10.3 RSC-03 Urban Park Yoyogikoen Shibuya-ku, Tokyo 875 1,040 1.4 Kohoku-ku, Yokohama-shi, RSC-04 Urban Park Shin-Yokohama 2,528 2,540 4.1 Kanagawa RSC-05 Urban Park Namba Naniwa-ku, Osaka-shi, Osaka 1,490 1,560 2.4 Residential property subtotal 21.6 Iwatsuki-ku, Saitama-shi, LGC-01 Iwatsuki Logistics 6,942 7,000 11.3 Saitama Kanagawa-ku, Yokohama-shi, LGC-02 Yokohama Logistics 3,560 3,840 5.8 Kanagawa LGC-03 Funabashi Logistics Funabashi-shi, Chiba 7,875 8,200 12.8 Logistics property subtotal 29.9 HTL-01 R&B Hotel Umeda East Kita-ku, Osaka-shi, Osaka 2,069 2,210 3.4 HTL-02 Smile Hotel Namba Naniwa-ku, Osaka-shi, Osaka 1,750 1,860 2.8 Hotel subtotal 6.2 61,493 65,130 100.0 (Note) “Investment ratio” is the ratio of acquisition price for each Acquired Asset to the total of acquisition prices, rounded to the first decimal place.